In the previous idea, we initiated a short position in NSE BRITANNIA to trade wave C of wave (4). Price reached all the given targets.
[2 January 2023] - NSE Britannia – The Last Move of Correction
Timeframe: Daily
NSE BRITANNIA has accomplished wave C of wave (4) and started rising for an impulsive wave (5). This corrective wave (4) has a 38.2% retracement, one of the most common retracements.
According to the Elliott wave principle, the impulsive cycle can only confirm after the breakout of the previous corrective wave. Price has broken out the correction channel, but wave B must break for the 5th wave to form.
If the price breaks out wave B at 4407, traders can trade for the following targets: 4456 – 4500 – 4558+. However, failure will continue its corrective formation and lead to a new low. In case of failure, we will change our position with selling targets.
Thank you for the analysis. I do have a small insight to share. Wave 2 of larger cycle was sideways and not very deep. That suggests that Wave 4 should be deeper by the theory of alternation. I believe what we're currently seeing is the B wave of Wave 4. There should be another wave coming down after that and then the final impulsive move up.
UnknownUnicorn27677748
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I have re-analysed. Market should come down to around 4070 to 4060 at least, in the range of Wave 4 of 3rd wave of larger cycle. That should be our buying zone.
forextidings
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@SatyajeetSahai, I agree but I am waiting for price to give me confirmation. 4407 Is a crucial level for traders.
Thank you for your valuable contribution to the TradingView community and keep up the good work!